China invites overseas investors to propel local chip ambitions

“BEIJING (Reuters) – China is looking for billions of dollars in funds to propel its domestic ambitions in chips to cut a heavy reliance on imports, and has invited overseas investors to help it get there” writes Midwest Communications Inc for 95kqds.com. Chinese firms have also had a number of overseas deals to buy foreign chip companies blocked by U.S. regulators in recent years, including a bid by Tsinghua Unigroup to acquire U.S. chip group Micron Technology Inc.The country’s industry ministry said on Wednesday that it welcomed foreign enterprises to invest in its top state-backed semiconductor fund, even as tensions simmer over tech transfers between China and the United States.China’s state-backed semiconductor fund, commonly referred to as the “Big Fund”, has previously backed major local projects including a $24 billion Tsinghua Unigroup memory chip plant that is under construction in the Chinese city of Wuhan.